Individual tax filing includes forms 1040, 1040A or 1040EZ. The type of form is automatically chosen based upon filing status, adjusted gross income and the types of income (e.g. sole proprietor or rental) the client has. My fee is based upon the type of form chosen and the number of forms that are necessary to complete your return. Using this type of cost structure means a higher fee is charged for more complicated returns. Thus clients who have less complicated returns pay a lower fee. My base rate for each return type (not including any additional forms that may be needed) is:
Small business income tax preparation includes all of the personal returns listed in the Individual tax preparation section above as well as either Schedule C (Sole Proprietor), Schedule E (Rental Professional), Schedule E (Partnership), Schedule E S (Corporation, or Schedule F (Farming). The Partnership and S-Corporation are ’pass-through’ entities and require filing additional returns (Form 1065 Partnership and Form 1120-S, S-Corporation). The income and expenses from these entities are reported on separate returns and the net income is ‘passed-through’ to the individual returns, combined with other personal income and the income tax is figured on total income. The Small Business Returns cost more to prepare because of the extra time and expertise required. For a 1065 or 1120S, the base rate is $250.00.
Corporate return preparation involves forms 1120 or 1041 and these are ‘stand-alone’ returns. What this means is that the income and expenses are reported and the tax on the net income is figured and paid using these returns. None of the income or expenses are passed through to the personal return. As with the Small Business returns, the cost to prepare these returns is higher due to the time it takes to prepare them. For a 1041 or 1120 return, my base rate is $300.00.
A non-profit return (990) is for a business that has received permission from the IRS to be exempt from paying taxes on their net income. A typical non-profit business would be a church that is able to receive donations that are deductible on the donor’s tax return. A non-profit of this type is known as a 501c(3) and they have the ability to receive donations for which they do not have to pay taxes on their net income. The filing of this type of return also takes more time than a personal return, so the fee is higher. For a non-profit return, the base rate is $300.00. The fee to setup a non-profit using form 1023 is $1200.00.
Appointments are made anytime during office hours, 9:00 AM to 7:00 PM on weekdays or between 11:00 AM and 5:00 PM on Saturday. It takes about 1 to 1½ hours to prepare a typical return. For more information, see “Office Hours” on the Contact page.